The price of the IMX token continues to decline after a significant rise in July, facing the possibility of further decrease due to the upcoming token unlock.
Current Situation of IMX Price
After almost a 100% rally from $0.34 to $0.67 between June 22 and July 19, the price of IMX has pulled back 25%, currently trading at $0.51. The price recently dropped below the 20-day EMA, indicating a shift in short-term sentiment. The 50-day SMA now acts as dynamic support, but the price is dangerously close to breaching it.
Upcoming Token Unlock
The risk of further decline is compounded by the upcoming token unlock scheduled for August 8. During this event, 24.52 million IMX tokens will be released, representing 1.30% of the circulating supply. While the unlock amount is not unusually large, it adds to near-term supply-side pressure.
Future Prospects
If the price tests the $0.35 support level again and bounces from it, it could form a triple bottom pattern. Successfully breaking above the upper trendline of the descending triangle could signal a bullish reversal, drawing in fresh buying interest and potentially driving the price toward recent highs around $0.67 and beyond.
Thus, the price of IMX is under pressure due to the upcoming token unlock, although there is potential for a bullish reversal if support holds at $0.35.
